Vitesse Energy is a non-operated oil and gas company focused primarily on the Bakken and Three Forks formations in the Williston Basin. Vitesse holds small working interests — averaging 3.5% — across thousands of wells drilled and operated by third parties. Under this model, Vitesse does not manage drilling or production; instead, it decides which wells to participate in and acquires new interests, bearing its share of costs and receiving its share of revenue. Oil accounts for roughly 65% of production, making commodity prices the primary revenue driver. Vitesse's growth strategy centers on acquisitions — primarily small "non-op" working interests in near-term development wells, which Vitesse argues it can buy at a discount due to their fragmented, small-scale nature. Since 2014, Vitesse has closed roughly 175 acquisitions totaling over $785M. The company uses a proprietary data platform called Luminis to evaluate deals quickly and selectively. In early 2025, Vitesse closed the Lucero acquisition, which added a smaller operated position with working interests of roughly 75-80%, giving Vitesse more direct control over some drilling activity. The business is designed to generate free cash flow across oil price cycles, which Vitesse returns to shareholders as a fixed dividend — currently $2.25/share annualized. Vitesse hedges roughly 60-70% of near-term oil production to protect dividend coverage, and targets net debt to EBITDA below 1.0x to preserve balance sheet flexibility for opportunistic acquisitions.